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Room to fall

08/25/2008
Although the oil market has lost nearly 1 million b/d of strategic transportation capacity, the price of crude oil is falling. Something has changed.Only a few months ago, a mere rumor about disruption to that much oil movement would have panicked traders and sent the crude price upward. Yet the market all but shrugged off shutdown of the Baku-Tbilisi-Ceyhan oil pipeline early this month after a fire and the outbreak of war between Russia and Georgia, which the BTC line crosses.Other outletsThe BTC pipeline fire broke out Aug. 6 in Turkey as throughput of light crude, most of it from fields off Azerbaijan operated by BP PLC, was climbing toward an August target of 910,000 b/d. Tanker load...
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